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Summary: Virginia; Appropriation, Moral Obligation; Tax Secured, General Obligation Nov 04 Product Image

Summary: Virginia; Appropriation, Moral Obligation; Tax Secured, General Obligation Nov 04

  • Published: November 2004
  • Region: Virginia
  • Standard & Poors

Abstract
The 'AA+' rating on Virginia Public School Authority's school financing bonds series 2004C and taxable series 2004D, issued for the commonwealth of Virginia, reflects the commonwealth's: Strong credit characteristics, "Sum sufficient" appropriation for debt service on the authority's 1997 resolution bonds, Strong history of appropriations for education, and Default avoidance aspect of its state aid intercept provision. The bonds are secured by: Payments on local GO school bonds purchased by the authority, which are due 15 days before debt service on the authority's bonds; The state aid intercept provision; and The commonwealth's sum sufficient appropriation. An amendment to the authority's enabling act, passed by the General Assembly and signed into law by Gov. James Gilmore in 1998, strengthened the commonwealth's...

Companies mentioned in this report are: Virginia,Virginia Pub Sch Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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Virginia,Virginia Pub Sch Auth

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